Areva began the transfer to the New Areva Holding Co. (NewCo.) as part of its 2016-2020 reorganization roadmap announced in June. The partial asset transfer will be submitted for approval by the Extraordinary General Shareholders’ Meeting, to be convened on November 3, 2016.
Areva announced losses of 2.04 billion euros ($2.2 billion) in 2015. Areva presented its 2016-2020 roadmap, in which it plans to also transfer control of its nuclear reactor division to France-based EDF. The French government would invest in both companies in the beginning of 2017 and will hold a minimum two-thirds stake in NewCo. capital, with the balance held by investors.
A capital increase of 5 billion euros ($5.6 billion) in both Areva and NewCo. is expected, including 2 billion euros ($2.2 billion) to Areva SA and 3 billion euros ($3.3 billion) to NewCo. Areva SA will receive additional funds from the sale of New NP, a subsidiary to which the activities of Areva NP will be transferred. The transfer will not include certain contracts, including the Olkiluoto 3 nuclear project in Finland.
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